Mortgage Rates in Oakville
eMortgage Solutions offers some of the lowest mortgage rates available in Canada. Our firmly established lender partnerships give us access to an unmatched selection of financial solutions, suitable for every type of prospective homeowner in Oakville.
Contact our brokers today at (416) 258-0156 to schedule a personalized, no-obligation consultation.
Why Should I Compare Mortgage Rates?
Your mortgage rate is the rate of interest you will pay on your loan-finding the lowest rate means finding the best bargain. However, other factors, including your type of mortgage and term length, work in conjunction with your mortgage rate to determine your overall cost.
Since no two products are alike, it's essential to do your research when mortgage hunting. At eMortgage Solutions, we specialize in assisting prospective applicants in comparing their options. We work tirelessly on behalf of our clients to source the most economical, value-driven products that will suit their unique needs.
What Is the Difference Between a Variable and a Fixed Mortgage Rate?
In Canada, there are plenty of product types to choose from. Variable mortgages and fixed-rate mortgages are perhaps the two most common and important to understand.
A fixed-rate mortgage is a loan that has a steady, unchanging interest rate from start to finish. The rate is set and fully known when the contract is signed. At the end of the term, the loan will be paid back in full. Clients often appreciate the transparent, predictable nature of a fixed mortgage. There is no guesswork involved, and it's easy to budget accordingly.
A variable mortgage is different in that the interest rate is subject to change, usually every year, throughout the loan. In a variable mortgage, your monthly payment will remain the same, but depending on market conditions at the time, either more or less of that sum will go towards interest. Clients appreciate the cost-saving potential of variable mortgages. If interest rates decrease, they could be looking at thousands of dollars in savings over the long term. However, if interest rates increase, they will be paying less towards equity and more towards interest each month, meaning they may need to extend their term to pay off the remaining balance.
Choosing between fixed and variable rates is a crucial decision that depends on your financial situation and goals. Our team of professionals is ready to assist you should you have any questions or concerns about the product type that's ideal for you.
Should I Get an Open or Closed Mortgage?
Prospective applicants should also consider the benefits and drawbacks of open and closed mortgages. If you would like the opportunity to pay off your loan early, you might prefer an open mortgage. Open mortgages have flexible payment schedules, so if you come into possession of some added income, you can contribute it towards your mortgage penalty-free.
A closed mortgage, on the other hand, restricts when and how much you can contribute to your loan at any given time. Paying off early is usually not an option unless you pay a penalty fee, as well. To offset these restrictions, though, closed mortgages typically offer lower interest rates than open mortgages.
Find the Best Mortgage Rates in Canada
There is no shortage of mortgage options available to you in Oakville. Make sure you get the most for your dollar. Join with eMortgage Solutions to find the lowest mortgage rates in Canada.